Washington Foreclosure Activity Up in Third Quarter

Total foreclosure filings rise 28 percent compared to the second quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 17,670 Washington properties during the third quarter, a 28 percent increase from the previous quarter and up 70 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

For September, Washington reported 5,666 properties with foreclosure filings, a 16 percent decrease from the previous month, but 85 percent above the level reported for the same month last year. One in every 493 Washington housing units received a foreclosure filing in September, the 14th highest foreclosure rate among the 50 states.

 

“Washington reported a surge in foreclosure filings during the third quarter of 2010, with activity well above the previous quarter and nearly double what was reported for the same period last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment remains fairly steady but high at 9 percent within the state, which has added to its worsening foreclosure problems over the past year.”

 

California continued to have the highest foreclosure activity in the nation with 191,016 properties with foreclosure filings in the quarter.  The nation’s second highest foreclosure activity continued in Florida, where 157,026 properties with foreclosure filings were reported for the quarter. Arizona had the third highest activity level, reporting 49,103 properties with foreclosure filings. Illinois was fourth, tallying 47,802 properties with foreclosure filings. Fifth highest total was in Michigan, where 46,100 properties with foreclosure filings were reported for the quarter.

 

The remaining states in the nation’s top 10 for total third quarter foreclosure activity were Georgia (41,231), Nevada (38,429), Ohio (36,677), Texas (34,187) and Washington (16,803). In all, the top five states accounted for 53 percent of all foreclosure filings in the nation during the third quarter.

 

One in every 158 Washington housing units received a foreclosure filing during the quarter, the 14th highest state foreclosure rate in the nation.

 

Pierce County led state with top foreclosure rate in third quarter

Pierce County posts the highest foreclosure rate in the state during the third quarter of 2010, where one in every 101 housing units received a foreclosure filing — 1.6 times the state average. Snohomish County posted the second highest foreclosure rate, where one in every 109 housing units received a foreclosure filing during the period — 1.5 times the state average. Clark County documented the third highest foreclosure rate, where one in every 112 housing units received a foreclosure filing — 1.4 times the state average.

 

King County posts state’s top foreclosure total in third quarter

King County led the state, reporting 5,354 properties with foreclosure filings for the quarter. Pierce County was second, reporting 3,187 properties with foreclosure filings. Snohomish County was third, tallying 2,581 properties with foreclosure filings. Clark County was fourth highest, reporting 1,451 properties with foreclosure filings. Spokane County had the fifth highest total, reporting 727 properties with foreclosure filings for the quarter.

 

State a moderate contributor to nation’s foreclosure total for the quarter

Two percent of 930,437 properties with foreclosure filings reported nationwide during the third quarter were located in Washington. Total U.S. activity increased nearly 4 percent from the second quarter, but was down fractionally from the level reported for the third quarter 2009. One in every 139 U.S. housing units received a foreclosure filing during the quarter.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

Washington Top Foreclosure Rates By County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

n/a

n/a

Washington

0

0

10,458

0

7,212

17,670

158

0.88

n/a

 

 

 

 

 

 

 

 

 

 

Pierce

0

0

1,845

0

1,342

3,187

101

1.38

1.57

Snohomish

0

0

1,498

0

1,083

2,581

109

1.28

1.45

Clark

0

0

907

0

544

1,451

112

1.24

1.41

Cowlitz

0

0

217

0

117

334

126

1.10

1.25

Lewis

0

0

99

0

154

253

127

1.10

1.25

 

 

Washington Top Foreclosure Totals by County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 10

% Chg Q3 09

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

3.90

-0.79

Washington

0

0

10,458

0

7,212

17,670

158

28.17

70.31

 

 

 

 

 

 

 

 

 

 

King

0

0

3,238

0

2,116

5,354

156

26.12

68.58

Pierce

0

0

1,845

0

1,342

3,187

101

22.20

78.94

Snohomish

0

0

1,498

0

1,083

2,581

109

19.05

67.82

Clark

0

0

907

0

544

1,451

112

24.66

23.59

Spokane

0

0

425

0

302

727

271

76.46

267.17

 

 

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